Question

The unadjusted trial balance as of December 31, 2021, for the Bagley Consulting Company appears below. December 31 is the company’s reporting year-end.

Account Title	Debits		Credits
Cash	13,150
Accounts receivable	7,250
Prepaid insurance	2,900
Land	205,000
Buildings	55,000
Accumulated depreciation—buildings			22,000
Office equipment	87,000
Accumulated depreciation—office equipment			34,800
Accounts payable			28,150
Salaries payable			0
Deferred rent revenue			0
Common stock			220,000
Retained earnings			46,050
Service revenue			79,000
Interest revenue			3,800
Rent revenue			4,500
Salaries expense	30,000
Depreciation expense	0
Insurance expense	0
Utilities expense	20,200
Maintenance expense	17,800
Totals	438,300		438,300

Information necessary to prepare the year-end adjusting entries appears below.

1. The buildings have an estimated useful life of 50 years with no salvage value. The company uses the straight-line depreciation method.
2. The office equipment is depreciated at 10 percent of original cost per year.
3. Prepaid insurance expired during the year, $1,450.
4. Accrued salaries at year-end, $1,150.
5. Deferred rent revenue at year-end should be $700.

Required:
1. From the trial balance and information given, prepare adjusting entries.
2. Post the beginning balances and adjusting entries into the appropriate T-accounts.
3. Prepare an adjusted trial balance.
4. Prepare closing entries.
5. Prepare a post-closing trial balance.

Answer 1

BAGLEY CONSULTING COMPANY
ADJUSTING ENTRIES
DATE	ACCOUNT	DEBIT	CREDIT	CALCULATIONS
1	DEPRECIATION EXPENSE	1100		55000/50YRS
	ACCUMULATED DEPRECIATION		1100
2	DEPRECIATION EXPENSE	8700		87000*10%
	ACCUMULATED DEPRECIATION OF OFFICE EXPENSE		8700
3	INSURANCE EXPENSE	1450
	PREPAID INSURANCE		1450
4	SALARY AND WAGES EXPENSE	1150
	SALARY AND WAGES PAYABLE		1150
5	RENT REVENUE	700
	DEFFERED RENT REVENUE		700

CLOSING ENTRIES

CJE1	SERVICE REVENUE	79000
	INTEREST REVENUE	3800
	RENT REVENUE	4500
	INCOME SUMMARY		87300
CJE2	INCOME SUMMARY	79250
	SALARY EXPENSES		30000
	DEPRECIATION EXPENSES		9800
	INSURANCE EXPENSE		1450
	UTILITIES EXPENSE		20200
	MAINTANENCE EXPENSE		17800
CJE3	INCOME SUMMARY	8050
	RETAINED EARNINGS		8050

T ACCOUNTS

DATE

DEBIT

DATE

CREDIT

DATE

DEBIT

DATE

CREDIT

DATE

DEBIT

DATE

CREDIT

DATE

DEBIT

DATE

CREDIT

CASH ACCOUNT

ACCOUNTS RECIEVABLE

PREPAID INSURANCE

OFFICE EQUIPMENT

OP BAL

13150

OP BAL

7250

OP BAL

2900

OP BAL

87000

3

1450

BAL

13150

BAL

7250

BAL

1450

BAL

87000

LAND

BUILDING

ACC DEPRECIATION

OP BAL

225000

OP BAL

65000

OP BAL

22000

1

1100

BAL

225000

BAL

65000

BAL

23100

ACC DEPRECIATION OF OFFICE EQP

ACCOUNTS PAYABLE

SALARY PAYABLE

DEFFERED REVENUE

OP BAL

34800

OP BAL

28150

OP BAL

OP BAL

2

8700

4

1150

5

700

BAL

43500

BAL

28150

BAL

1150

BAL

700

COMMON STOCK

RETAINED EARNINGS

OP BAL

220000

OP BAL

46050

BAL

220000

BAL

46050

SERVICE REVENUE

INTEREST REVENUE

RENT REVENUE

SALARYIES EXPENSE

OP BAL

79000

OP BAL

3800

OP BAL

4500

OP BAL

30000

5

700

4

1150

BAL

79000

BAL

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